Non-Value-Added Tax to improve market fairness and quality

作     者：Iryna Veryzhenko Arthur Jonath Etienne Harb 

作者机构：Conservatoire National des Arts et MétiersParisFrance Profit and EntropyPortola ValleyCAUSA ESSCA School of ManagementAngersFrance 

出 版 物：《Financial Innovation》 (金融创新（英文）)

年 卷 期：2022年第8卷第1期

页      面：523-552页

核心收录：

学科分类：0202[经济学-应用经济学] 02[经济学] 1202[管理学-工商管理] 

基　　金：George Akerlof and Robert Shiller William Barnett and Fredj Jawadi Stanford University, SU 

主　　题：Market fairness Financial transaction tax Non-Value-Added Tax High-frequency trading Bubbles and crashes Efficiency 

摘      要：The promotion of both market fairness and efficiency has long been a goal of securities market regulators *** digital disruption and abusive trading behaviors,such as the GameStop mania,prompt regulatory *** is unclear how this“democratizationof trading power affects market fairness as economies cope with pandemic-driven shifts in basic *** speculation and market manipulation undermine the quality of financial markets in the sense that they cause volatil-ity and increase the pain of bubble and crash ***,they weaken public confidence in financial markets to fulfill their roles in proper capital allocation to irrigate the real economy and generate value for *** previous studies have mostly focused on market efficiency,our study proposes a tool to improve market fairness,even under periods of *** encourage value generation and improve market quality,we advance a graduated Non-Value-Added Tax that we implement in an agent-based model that can realistically capture the properties of real-world financial markets.A profitable transaction is taxed at a higher rate if it does not enhance the efficiency measured by deviation from *** an agent locks in profit not supported by fundamentals but driven by trend-following strategies,the generated profit is taxed at various rates under the Non-Value-Added Tax *** existing financial transaction taxes,the non-value-added tax is levied on profit rather than on price or *** show that the proposed tax encourages profitable trades that add value to the market and discourages valueless *** significantly curtails volatility and prevents the occurrence of extreme market events,such as bubbles and crashes.